Energy Spa · MIL:ENY
Energy Spa — H1 2025 Earnings Presentation
26 slides from Energy Spa's earnings presentation, Sep 26, 2025
Slide 1: 1H 2025 Financial Results
1H 2025 Financial Results Sept. 26th, 2025
Slide 2: Today's Speakers
Today’s Speakers Co-Founder & CEO • PhD in Engineering, Master in Project and Innovation Management • Former Project Manager in the field of nanotechnology • Served as COO in former Mitsubishi Electric Klimat Transportation Systems Davide Tinazzi CFO • MBA, Degree in Business Management, post-gradua
Slide 3: Agenda
Agenda 1 Energy Group’s Evolution and Transformation 4 1H 2025 Financial Results 2 Market Opportunities 5 Looking Forward 3 2025 Key Facts 6 Q&A and Annex 3
Slide 4: Energy Group's Evolution
Energy Group’s Evolution • Founded in 2013 and conformed as a Group in June 2024 • Italian Battery Energy Storage Systems (BESS) Integrated Manufacturer • 68+k BESS sold since its foundation EnergyOnSite: new name for Enermore S.r.l., acquired by the EnergyinCloud (EiC): develops IoT Energy Group, s
Slide 5: Energy Group's Go-to-Market
Energy Group’s Go-to-Market • Sales channels include generalist distributors of electrical materials, photovoltaic specialists and large European EPCs Distributors (Specialists and Residential and Installers Small C&I end-users Generalists) Small & Large BESS Value Added Resellers Installers Energy
Slide 6: Energy Group's Transformation
Energy Group’s Transformation BUSINESS MODEL TARGET CLIENTS PRODUCT RANGE GEOGRAPHY AFTER •Vertical Integrated AFTER AFTER AFTER (from in-house •C&I •Large •EU (focus on DACH manufacturing to •Utility-scale •Extra Large and Dutch areas) IoT services) PREVIOUS PREVIOUS PREVIOUS PREVIOUS •Not Integrat
Slide 7: Strategic objectives and guidelines of the Plan
Strategic objectives and guidelines of the Plan contained in the Admission Document 2022–2024 Plan strategic guidelines: • Control of production and supplies à insourcing of the battery assembly activity for greater control of the strategic phases of the value chain (procurement and production); à A
Slide 8: Market Opportunities: Utility-scale in EU
Market Opportunities: Utility-scale in EU • Europe market is set to be valued at ≈ $ 4 bn. in 2025 (with Germany market to be worth ≈ $ 1.3 bn.)1 • Growth benefits from the substantial deployment of various power generation technologies, complemented by supportive governmental and organizational pol
Slide 9: 2025 Key Facts
2025 Key Facts March May July July Publication by the EU Commission of Establishment of the first implementing rules of Participation at Intersolar German NewCo Net Zero Industry Act, Europe 2025 to present “EnergyOnSite GmbH” to among others there are the storage solutions dedicated seize the oppor
Slide 10: Recent projects
Recent projects zeroCO2 XL 100 for zeroCO2 XL Box for zeroCO2 XL Shell 500K for Sporting Hotel Baer Plast srl Asolo Dolce SpA Vermiglio (TN), Trentino Alto-Adige, Villaverla (VI), Veneto, Italy Asolo (TV), Veneto, Italy Italy Capacity 218 kWh | Power 120 kW Capacity 1,185 kWh | Power 600 kW Capacity
Slide 11: 1H 2025 Financial Results
1H 2025 Financial Results Companies included in the scope of consolidation are: • Energy S.p.A. (hereinafter also “Parent Company”); • the subsidiary Energyonsite S.r.l.; • the subsidiary Energyincloud S.r.l., as well as the company Enerimmo S.r.l. (wholly owned by Energyonsite). The investment in t
Slide 12: Financials Highlights
Financials Highlights Ready for moving towards next steps… TOTAL REVENUES EBITDA NET RESULT 13.6 €m -0.4 €m -2.0 €m (19.1 €m 1H 2024) -29% (-3.2 €m 1H 2024) (-4.2 €m 1H 2024) YoY GROUP BACKLOG (at Aug. 31, 2025) NET FINANCIAL DEBT 9.1 €m* 10.7 €m (8.1 €m FY 2024) * Group backlog figure excludes Aust
Slide 13: Revenues breakdown
Revenues breakdown By Geographic Area By Product Dimension By Channel 13% 15% 45% 29% 14% Specialist Distributor 36% 23% 12% Extra EU VAR 38% 34% EU Italy Generalist Distributor 88% 77% 55% 50% EPC / Other 28% 37% 1H 2024 1H 2025 6% Small&Large (<50 kW) Extra Large (>50 kW) 1H 2024 1H 2025 1H 2024 1
Slide 14: Group Backlog breakdown
Group Backlog breakdown By Geographic Area By Product Dimension By Channel • As of Aug. 31, 2025, the Group's backlog stood at €9.1 million, most of which can be delivered by Q1 2026. The quality and geographic concentration of orders offer significant visibility into future activity, representing a
Slide 15: From Revenues to EBITDA
From Revenues to EBITDA €m 16.000 14.000 12.000 10.000 9.192 8.000 14.257 6.000 4.000 2.515 2.000 2.195 0 -757 -403 -2.000 Revenues Cost of materials Cost of services Personnel costs Other costs EBITDA (incl. Increases and Δ in fixed assets inventories for inhouse works & Other revenues) 15
Slide 16: Trade Working Capital and Net Financial Debt focus
Trade Working Capital and Net Financial Debt focus €m Net Financial Debt Trade Working Capital 8.093 10.671 26.606 22.816 6.382 4.356 5.743 7.204 24.777 27.585 7.719 5.587 -4.553 -9.126 -2.790 -4.699 31/12/24 30/06/25 Inventories Trade receivables Trade payables 31/12/24 30/06/25 Cash and Cash Equiv
Slide 17: Cash Bridge Analysis
Cash Bridge Analysis €m 2.924 5.016 517 29 670 4.699 2.790 Cash End Previous Operating Cash flow Capex Δ Medium-long term Financial Other Cash End Current Period Debt income/(expenses) Period 17
Slide 18: Looking Forward
Looking Forward Growth and Development • Focus on the C&I segment • Expansion into DACH market • Gigafactory project for "Made in EU" production and to meet the expanding production demand already in the order book Strategies and Investments • Supply chain optimization and production internalization
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Slide 20: Annex
Annex
Slide 21: Shareholding & Governance
Shareholding & Governance Shareholder N° Ordinary Shares % on Ord. Shares Freman Holding Srl [1] 10,506,070 19.43% Elmagi Srl [2] 10,456,688 19.34% Euroguarco SpA 10,278,222 19.01% Sun Hongwu 10,270,638 18.99% RPS SpA 4,166,500 7.70% Market 8,398,462 15.53% Total 54,076,580 100.00% [1] Freman Holdin
Slide 22: Income Statement
Income Statement €k 1H 2024 % 1H 2025 % Δ Δ% Consolidated Consolidated oni Revenues from sales and services 19.056 100% 13.553 100,0% - 5.503 -29% Increases in fixed assets for inhouse works 430 2% 510 3,8% 80 19% Other revenues 167 1% 193 1,4% 26 16% Cost of materials - 18.514 -97% - 9.192 -67,8% 9
Slide 23: Balance Sheet
Balance Sheet €k 31/12/24 30/06/25 Δ Δ% Consolidated Consolidated Intangible fixed assets 6.684 5.907 - 777 -12% Tangible fixed assets 19.891 24.690 4.799 24% Financial assets 864 864 - 0 0% Total fixed assets 27.439 31.461 4.022 15% Inventories 24.777 27.585 2.808 11% Trade receivables 6.382 4.356
Slide 24: Cash Flow
Cash Flow €k 31/12/24 30/06/25 Consolidated Consolidated EBIT - 17.715 - 1.400 Taxes 1.252 - 48 D&A 11.709 998 Δ in Trade Working Capital 14.536 3.787 Δ in other credits/(other debts), post-employment and other funds - 783 - 413 Cash Flow from Operating activities 8.999 2.924 Capex - 15.856 - 5.016
Slide 25: Glossary
Glossary Payback period The number of years it will take for positive flows from an investment to compensate for outgoings sustained. It indicates the riskiness of a project solely in terms of time. BESS-Battery Energy Storage Systems Photovoltaic panel A group of devices, equipment, management and
Slide 26: Disclaimer
Disclaimer This presentation and the information contained herein (unless otherwise indicated), are provided by Energy S.p.A. (“Energy”) solely for informational purposes. By attending this presentation or otherwise viewing this presentation, or having access to the corresponding information, you ar